Revenue announced the publication of the 2024 Annual Report last week together with a number of other research and statistical papers. The total gross receipts during 2024 were €152.9 billion, which included €30.9 billion of non-Exchequer receipts collected on behalf of other government departments and agencies, and other EU States.
Net tax receipts during 2024 were €107.1 billion, up €19.9 billion from 2023 with the largest receipts coming from corporation tax, income tax and VAT. Corporation tax receipts in 2024 include receipts arising from the Court of Justice of the European Union ruling in the Apple State Aid case.
We have highlighted details from some of the key areas in the report and papers as follows:
Service Delivery: timely compliance rates remained high with 99 percent for large and medium cases, and 92 percent for all other cases. An increasing use of online services was noted in the report with 4.3 million electronic returns processed across all online platforms and almost 16 million electronic payments and repayments being made.
Facilitating Compliance and Confronting Non-Compliance: the tax yield last year from audit and compliance intervention was €591 million, together with an additional yield of €46 million from tax avoidance cases.
Debt Warehouse Scheme: the report notes that one of the key corporate priorities for Revenue during 2024 was the pro-active management of the Debt Warehouse Scheme and assisting businesses to exit the warehouse in a viable manner. At its peak in January 2022, €3.2 billion was warehoused under the scheme. Over 93 percent of that debt (amounting to €3 billion) has now been either settled in full or secured under an agreed PPA.
Promoting tax awareness: the public repository of almost 1,300 Tax and Duty Manuals which set out the rules and guidelines on a wide range of tax and duty matters was referenced in the report.
Confronting noncompliance: the report outlines that publication on the lists of tax defaulters and prosecution in the Courts are seen as important deterrents in the fight against non-compliance. During 2024 details of settlements and court-imposed penalties, amounting to €32.5 million, in respect of 104 taxpayers, were published and secured 168 convictions before the Courts.
Enhanced Reporting Requirement (‘ERR’): one of the statistical reports included in the release, Income Tax 2024: Insights on PAYE Taxpayers, notes that in 2024, a total of €1.872 billion was reported in benefits under the ERR requirements.
VAT Modernisation: the report includes an article on VAT Modernisation (page 40) which provides a summary of the VAT in the Digital Age (ViDA) package and the findings from the public consultation on this topic which was launched by Revenue at the end of 2023.
Statistical analysis and research reports published alongside the Annual Report include:
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